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These were the most interesting business news from Hungary
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See below MTI’s main business and financial news from the previous week:
PARLIAMENT APPROVES 2018 BUDGET
Hungarian lawmakers approved the 2018 budget on the last day of the spring session. The budget was passed with a vote of 127 votes for and 62 against. The bill targets revenue of 18,751.5 billion forints and expenditures of 20,112.1 billion forints, leaving a deficit of 1,360.7 billion forints. The 2018 deficit target as a percentage of GDP is 2.4 percent, calculated with European union accounting rules.
PROPERTY DEVELOPMENT WORTH HUNDREDS OF BILLIONS LAUNCHED IN BUDAPEST
Property Market Ingatlanfejlesztő laid the cornerstone of a residential and office development worth several hundred billion forints at Kopaszi Dam, in the south of the capital. The project, dubbed BudaPart, will start with the 26 billion forint construction of two residential buildings with 265 homes. The inauguration of the homes will start at the end of next year, but three-fourths have already found buyers.
CONSTRUCTION SECTOR OUTPUT JUMPS 22PC IN APRIL
Output of Hungary’s construction sector rose by an annual 22.1 percent in April, data released by the Central Statistical Office (KSH) showed. KSH noted that the jump came on a low base. Output of the building segment was up by 11.9 percent during the period. Output of the civil engineering segment soared 40.2 percent.
HUNGARY, INDIANA SIGN ECONOMIC COOPERATION AGREEMENT
Hungary signed an economic cooperation agreement with the US state of Indiana. The agreement, signed by Hungarian Foreign Minister Péter Szijjártó and Indiana Governor Eric Holcomb, was the first such one Hungary has signed with a US state. It was also the first such agreement Indiana has signed with a sovereign country. Indiana-based drugmaker Eli Lilly and the automotive industry companies Allison Transmission and Remy International all have operations in Hungary. Read more here: GOVERNOR OF INDIANA VISITS HUNGARY